Nov 3, 2020 - Energy & Climate

The next phase of Volvo's EV push

Ben Geman

Volvo XC40 Recharge P8 Electric vehicle at Beijing International Auto Show. Photo: Costfoto/Barcroft Media via Getty Images)

Volvo said it's making "significant investments" to bring design and development of electric motors in-house as the automaker prepares to expand its electric vehicle lineup.

Why it matters: Volvo's goal is to have EVs account for 50% of its sales by 2025, with the rest hybrids.

The move will allow its engineers to "further optimize electric motors and the entire electric driveline in new Volvos" to bolster efficiency and performance, Volvo said Monday.

Where it stands: Volvo — which is owned by China's Geely Holding — yesterday announced the opening of a new electric motor lab in Shanghai, which adds to ongoing motor and battery development in Sweden and China.

The size of the investment in the new Shanghai lab was not disclosed

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The next phase of Volvo's EV push

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